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Michael Bloomberg Considering Presidential Run

He is prepared to spend $1b of his own money.

Two sources told CNN that former New York City Mayor Michael Bloomberg is considering jumping into the presidential race.

One source said aides to the three-term mayor are looking at ballot access issues, but the source refused to speak specifically about what Bloomberg, 73, asked to be done.

The former mayor thinks the current line up in the presidential race does not represent his views.

The source added that Bloomberg sees the Republican and Democratic presidential races as becoming increasingly polarized, and neither fits Bloomberg's views. But Bloomberg, who has flirted with Oval Office aspirations in the past, is serious about a possible candidacy, the source insisted.

The New York Times reported that Bloomberg would be willing to spend $1 billion of his own money on a White House run.

A source close to the former mayor has previously told CNN that Bloomberg would seriously consider entering the race if it appeared Donald Trump or Texas Sen. Ted Cruz would face Vermont Sen. Bernie Sanders in the general election.

A poll commissioned by Bloomberg found that he would siphon more votes from Republican candidates Trump and Cruz rather than Democrat Sanders.

Bloomberg said he would make a decision on a run by the first week of March.